Ostrom, a German digital green energy provider, has secured €20 million in a Series B funding round, increasing its total investment to over €40 million since its inception in 2021. The company focuses on delivering fully transparent energy solutions alongside 100% certified green electricity. Ostrom offers customers the ability to manage their energy contracts and smart devices through its user-friendly app, promoting a modern approach to energy consumption.
The funding round was led by Eneco Ventures, with additional support from existing investors including SE Ventures, Union Square Ventures, and others. Ostrom Co-Founder and CEO Matthias Martensen highlighted that this funding isn’t just about financial backing; it establishes a strategic partnership with Eneco, a company that brings extensive industry knowledge. This collaboration will help Ostrom enhance its platform while maintaining operational independence.
Ostrom’s services include SimplyFair and SimplyDynamic products, which offer electricity at cost and hourly dynamic pricing. This model allows for greater flexibility in energy use, making it easier for customers to adapt their consumption based on real-time pricing.
The company plans to use the new funds to accelerate the rollout of smart meters across Germany, which will enable better demand-side flexibility. This initiative aims to improve the integration of renewable energy into the grid, allowing consumers to benefit from lower energy costs while supporting grid stability.
Co-Founder and CMO/CPO Karl Villanueva noted that Ostrom is utilizing artificial intelligence to address customer inquiries, resolving about 50% of requests automatically. This technology advancement allows their small team to remain agile and innovative in product development.
The funds will also support the expansion of Ostrom’s NeoGrid™ Virtual Power Plant. This initiative connects household devices and electric vehicle batteries to optimize grid management, maximize renewable energy usage, and minimize costs for customers. According to Jan van der Velde, Investment Director at Eneco Ventures, Ostrom is setting a new benchmark for energy retailers with its digital-first strategy and commitment to residential flexibility. As Ostrom continues to grow, it aims to solidify its position as a leader in the smart energy sector, contributing to a more sustainable energy future in Europe.
